Fresno housing market is booming

FRESNO, Calif. (KFSN) -- Sold and for sale signs are popping up across the valley. It's an enticing time for home buyers and sellers.

Paul Salazar is a loan officer who has seen the market over the years. He says interest rates just went up, but it's still the time to buy, "Interest rates are starting to go up a little bit, property values at starting to go up a little bit, and inventory is starting to get a little bit lower."

Seasoned realtor Don Scordino says the market is holding steady, but buyers are dealing with low inventory.

Right now in Fresno County, about 1,300 homes are for sale.

"The big change is that sellers have gotten a little bit spoiled thinking it's a seller's market and they don't have to do anything to make their house sell. It's still the good clean houses that are going to sell and the ones that are accessible," said Scordino.

On average most homes are selling in 30 days. In the past, the average was two to three months.

Experts say home prices are steadily increasing. Salazar says that's positive news for those who are already homeowners, "If you are a current homeowner right now, congratulations because your equity is growing. Just stay tight."

Salazar says for those looking to buy, contact your loan officer to get prequalified so you know how much you can afford. That way you're ready when you find the perfect home of your dreams in the valley.

Compared to the rest of California, Fresno remains an affordable place. Elsewhere you could be paying $500,000+ to buy a house, but here in Fresno County, a home on average is selling for $250,000.
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